<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF ROWAN COMPANIES, INC. FOR THREE MONTHS ENDED MARCH 31, 1996 INCLUDED IN ITS FORM 10-Q FOR THE QUARTERLY PERIOD THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 85,101 <SECURITIES> 0 <RECEIVABLES> 91,771 <ALLOWANCES> 0 <INVENTORY> 80,334 <CURRENT-ASSETS> 279,571 <PP&E> 1,262,159 <DEPRECIATION> 774,199 <TOTAL-ASSETS> 808,428 <CURRENT-LIABILITIES> 81,133 <BONDS> 247,664 <COMMON> 10,811 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 422,153 <TOTAL-LIABILITY-AND-EQUITY> 808,428 <SALES> 34,195 <TOTAL-REVENUES> 126,808 <CGS> 27,732 <TOTAL-COSTS> 120,514 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 6,700 <INCOME-PRETAX> 2,482 <INCOME-TAX> 125 <INCOME-CONTINUING> 2,357 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,357 <EPS-PRIMARY> 0.03 <EPS-DILUTED> 0.03